“Traditionally, financial services were provided by banks – in many countries three or four institutions have 80 or 85% of the market, and they do not always have a focus on financial inclusion – but that is no longer the case and there are new providers, such as ‘ANT FInancial’ in China or ‘Mercado Libre’ in Latin America, which started with payments and now offer a wide range of services. That is why open banking is important for the World Bank, because it favours competition and financial inclusion”, says Nuria Aliño, advisor to the World Bank.
Aristóbulo de Juan | Bankers are administrators of other people’s money, and they are responsible both to their depositors and to other stakeholders. Human nature being what it is, however, they sometimes fall prey to overweening ambition, coming to see themselves as the rightful beneficiaries of the moneys entrusted to them. This can lead them to make poor lending decisions and engage in risky practices, eventually moving on to cosmetic accounting and the concealment of problems, speculation and even outright fraud.
A recent report published jointly by ICEX-Invest in Spain, Multinationals for Spain Brand and the International Center for Competitiveness said foreign companies’ evaluation of the business climate in 2017 has seen a further improvement compared to a year ago.
By Jarno Lang | On June 29, under the leadership of China, 50 founding members signed contracts to create the Asian Infrastructure Investment Bank (AIIB), with its main hub in Shanghai.
MADRID | The Corner | The Spanish economy is now placed number 33 among the World Bank’s 2015 Doing Business ranking, improving on last year´s placement of 52. The results of the report show that Spain now offers greater facilities for entrepreneurs. Spain has improved in four of the ten regulation areas that value the ease of doing business, and has improved from 72.24 points to 73.17, closer to the 100 total, which measures best global practices regarding business regulation.
WASHINGTON | The Corner Team | Thanks to the implemented reforms between June 2012 and June 2013, Spain has become more business-friendly, according to a report by the International Finance Corporation (IFC) and the World Bank. Among others, the country eliminated the requirement to obtain a municipal license before starting operations.
Food prices have spiked so high in August that many people around the developing world are having troubles to feed themselves. In the U.S. meat has become a luxury for many and the Department of Agriculture expects beef and veal prices to rise as much as 4.5 percent this year, and as much as 5 percent in 2013. Livestock farmers are hurting and the pork industry is losing millions. The…
WASHINGTON | “Capitalism without failure is like religion without sin, it does not work,” had already said Allan Meltzer in 1969. Pittsburgh's Carnegie-Mellon University teacher and author of the monumental History of the Federal Reserve is the same conservative who advised John F. Kennedy and Ronald Reagan. Under Clinton's presidency he was in charge of a U.S. Congress committee that essentially claimed the end of the World Bank on the basis…
NEW YORK | It could have been Hillary Clinton, one of the most well known US political figures; it could have also been Larry Summers, one of the most respected (and yes, also hated) figures in US economy; it may have even been Jeffrey Sachs, a very prestigious economist. But Obama has chosen a low profile candidate to the lead the World Bank: Jim Yong Kim, Dartmouth College president and…